Gamestop has been discussing the NFT marketplace for some time. After the company pivoted and benefited last year from the wallstreetbest short squeeze, the company has embraced crypto and began exploring NFTs.  Today they have launched their marketplace that will allow collectors to create ETH wallets, connect, buy and sell NFTs.  It will be interesting to see how this progresses. Coinbase launched their NFT marketplace earlier this year to underwhelming numbers.  That being said, the innovation around web3 gaming and GameFi has been gaining momentum month over month.

Web 3 Gaming to the rescue

Web 3.0 games are games that run on the blockchain, which means they are decentralized and do not rely on a centralized server to store player data.

If you’ve played Pokémon GO, then you’ve experienced a game that relies on centralized servers. This means that in order for the game to work, there needs to be someone overseeing it and maintaining it at all times. Web 3.0 games don’t have this issue because they run on the blockchain and rely on no one but themselves. When you play a web 3.0 game, your data is stored in the blockchain forever and cannot be changed or deleted by anyone else but yourself!

Gamestop is a U.S.-based video game, consumer electronics, and wireless services retailer. It operates more than 4,600 stores throughout the United States, Canada, Australia, New Zealand and Europe.

The company’s retail stores primarily offer new and used video games, accessories for game consoles such as Xbox One and PlayStation 4 from Sony or Microsoft; pre-owned computers; consumer electronics such as tablets and mobile phones; trading cards; collectible card games such as Magic: The Gathering; action figures from various manufacturers including Star Wars by Hasbro; Lego sets for building blocks or other toys such as Transformers by Hasbro or Disney Princess dolls by Mattel.

You can read the formal press release below.

 

GRAPEVINE, Texas–(BUSINESS WIRE)–Jul. 11, 2022– GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it has launched its non-fungible token (“NFT”) marketplace to allow gamers, creators, collectors and other community members to buy, sell and trade NFTs. The Company’s NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain. The marketplace, which can be accessed at https://nft.gamestop.com, allows parties to connect to their own digital asset wallets such as the recently launched GameStop Wallet. Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators and other Ethereum environments.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, forward-looking statements can be identified by the use of terms such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “pro forma,” “seeks,” “should,” “will” or similar expressions. These statements are only predictions based on current expectations and assumptions and involve known and unknown risks, uncertainties and other factors that may cause the Company or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements included in this press release are based upon information available as of the date of this press release, and GameStop undertakes no obligation to update or revise any of these forward-looking statements for any reason, whether as a result of new information, future events or otherwise, except as required by law. You should not place undue reliance on these forward-looking statements. The forward-looking statements involve a number of risks and uncertainties. Although GameStop believe that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. A number of factors could cause the Company’s actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in the Company’s most recent Annual Report on Form 10-K available at www.sec.gov and on the Company’s website at www.GameStop.com.

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